Equity Market Commentary by Zahira Osman
Portfolio Manager
2019 saw a slowdown in global GDP to +2.7% (from +3.2% in 2018) with estimated industrial production (IP) below historical norms at +1.5%.  Global trade volumes languished due to trade war uncertainties and were further impacted by exceptional declines in global auto sales. Recessionary fears led to a broad-based easing monetary stance, with both the Federal Reserve (Fed) and European Central Bank (ECB) cutting rates post their hiking cycle...

Market Commentary Global Markets Jan 2020

Money Market Commentary by Bongani Ngwanya
Portfolio Manager
Following a disappointing Medium-Term Budget Policy Statement (MTBPS), Moody’s sovereign rating committee finally had seen enough and revised South Africa’s (SA) outlook from stable to negative and affirmed the rating level Baa3. There are no hard and fast rules regarding when an issuer will be downgraded after an outlook change, but Moody’s history shows they take about 18 to 24 months...

Market Commentary Global Markets Jan 2020